Rep. Poliquin Outlines Tax Overhaul Priorities: Keep Top Rate for Millionaire Earners, Dramatically Lower Rates for Working Families, Grow the Economy and Create Jobs, Support Small Business
WASHINGTON – As the U.S. House of Representatives begins discussions on a first draft of a tax reform proposal this week, Congressman Bruce Poliquin (ME-02) released the following statement:
“I have spent weeks learning about aspects of tax reform, listening to both Democratic and Republican colleagues as they present their ideas, and then actively working to promote reform which would benefit Maine’s small businesses,” said Congressman Poliquin.
“Any tax reform proposal should be about growing paychecks for Maine families, improving our economy, and providing incentives for job creators to expand in our State. As lawmakers begin discussions on a first draft of the tax reform proposal this week, I want to make sure Maine’s middle and working class families, our local businesses, and our communities are put first.
“Our tax policy in this country has consistently been progressive and I support that principle moving forward. Maine people should know a large percentage of federal taxes are currently paid by top earners.
“As the Tax Foundation noted, the top 1% of earners reported just over 20% of total income but paid nearly 40% of the total income taxes collected in the nation. So the top 1% paid 39.5% of all income taxes collected in the country. In their last study year, 2014, the Tax Foundation reported that the upper 50% of all earners in the United States paid over 97% of all income taxes in the nation. This means that the bottom 50% of income tax payers paid less than 3% of all taxes.
“I support maintaining a progressive tax code and therefore I support maintaining the current top rate for million dollar plus earners.
“Our primary focus must be how we help our Maine small businesses grow and create more jobs. Our focus needs to be on Maine.
“I support incentives to help small businesses grow, invest in the economy, and create jobs. Maine’s economic growth is tied very closely to the growth in small business. I support efforts to lower tax rates for our small businesses.
“Maine also stands to benefit greatly if we see significant changes in the rates and a change in the income thresholds for those at lower incomes and for working families. I am pleased to hear discussions moving forward on proposals which would see dramatic changes for those at lower incomes and for working families.
“In Maine’s 2nd Congressional District, these tax changes could have a significant impact on the amount of take home pay in people’s paychecks.
“Our Nation must work toward fairer and lower taxes for Maine families so we can create jobs and improve the economy. In the coming days and weeks, I look forward to working with Republicans and Democrats on this tax reform proposal to help our families bring home bigger paychecks, to grow our economy, and create jobs in Maine.
“I look forward to seeing draft proposals on paper so we can further evaluate proposed changes.”